China’s internet businesses post faster revenue growth

2018-06-10
Xinhua

BEIJING — China’s internet businesses posted faster revenue growth in the first four months of the year, official data showed.

Major internet businesses and related service providers saw revenue surge 24.9 percent year-on-year to 264.9 billion yuan (about $41.4 billion) in the January-April period, according to the Ministry of Industry and Information Technology.

The growth was 5.4 percentage points faster than the same period last year, the ministry said.

Online gaming and e-commerce maintained brisk expansion, with online gaming revenue up 27.9 percent year-on-year to reach 58.7 billion yuan. Income of e-commerce platforms jumped 40.4 percent to 92.3 billion yuan.

During the period, the internet industry invested 14.5 billion yuan into research and development, up 22.3 percent year-on-year, according to the ministry.

The internet sector has become a key part of China’s “new economy” as the country undergoes a shift to growth driven more by technology and consumption.